Customer service experiences often have a large impact on customers' perception of a company, such as a bank or other financial institution, and customers' willingness to give that company repeat business. For example, a positive customer service experience with a bank may increase the likelihood that a customer will respond to a new product offering from the bank, such as a new loan program or credit offering, open new accounts with the bank, and maintain or increase the account balances in their existing accounts with the bank. Conversely, a negative customer service experience with the bank may increase the likelihood that the customer will ignore new product offerings, reduce their account balances, or completely close their accounts with the bank.
In some cases, a negative customer service experience may be the result of a communication breakdown or simple misunderstanding between the customer and a customer service representative for the company. For example, a customer may be unable to understand the terms and conditions associated with a given product offered by the bank, which may result in the customer being charged additional fees or not receiving the services they expected. As another example, a customer may be unable to understand a customer service representative's response to a complaint, which may result in a failure to reach a timely resolution.